Festivals seek cover under pricey policies

The cloak of security that Navratri and Durga Puja pandals seek is not limited to fortifying the venues with the presence of men and machines. Event organizers are willing to pay a premium of Rs 2 lakh-5 lakh to procure insurance cover worth crores of rupees for the few days that govern their fortunes for the rest of the year.

Bajaj Allianz, which had issued three or four policies during the previous season, has covered 11 venues across India this Navratri. "In fact, we are also covering some small pandals in Mumbai and Thane that have stepped forward to seek insurance," says T A Ramalingam, head, underwriting, Bajaj Allianz General Insurance.

By far, the biggest player in terms of scale, the Sankalp Trust has bought insurance worth Rs 5.80 crore from Future Generali. Of this amount, Rs 4 crore covers losses that arise from the garba event being cancelled due to not just fire, earthquake or even terrorism but also remote reasons such as if the CM or the President passes away and a state of mourning is declared. "Should our artiste Falguni Pathak or the three lead singers meet with a mishap or fall ill and are unable to perform, the losses would be met as well," says Sankalp president Devendra Joshi. "One segment of the policy covers cash in transit, another covers public liability including the safety and welfare of the organisers and visitors."

The Naidu Club's event at Kora Kendra, Borivli, is insured for Rs 3.5 crore, the same as the North Bombay Sarbojanin Durga Puja of Juhu that belongs to the Mukherjees of the Hindi film industry. "We pay a premium of Rs 3 lakh to seek protection against fire, damage and terrorism. This governs our venue, sets, artistes Tushar Sonigra and Nilesh Thakkar as well as musicians and organizers," says Ganesh Naidu. He recalls how two years ago, garba in Mumbai was truncated owing to rain, resulting in heavy losses.

Organisers do not wish to take a chance on anything.

The reason insurance firms offer customized policies becomes apparent when one takes the case of the Juhu Jagruti Trust. "We don't feel the need to seek cover for garba pandal. But we have insurance for cash in transit, that is, the cash collections are covered against robbery on four regular routes," says president Raju Shah.

But insurance does not eschew the need for proper security. Sankalp as well as Naidu Club have fortified their venues with CCTVs, guards and metal detectors. Naidu even relays the feed to the local police station and his own cable network for supplementary monitoring. The document, of course, helps him sleep better knowing that any loss can be reimbursed.